It appears that Amazon is planning to enable its customers to buy NFTs that are connected to physical assets and then have the items delivered to them, as reported by three sources familiar with the matter. This would lay the foundation for Amazon to enter the NFT market, which has exploded in popularity over the past year.
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It appears that Amazon is making progress in its plans to offer NFTs tied to real-world assets for purchase, which is an upgrade from its earlier efforts in developing an NFT platform. As per previous reports by Blockworks, the e-commerce giant had been exploring such a platform. It is now being reported by three sources that Amazon is laying the groundwork for this new offering. Furthermore, two additional sources stated that once the initiative goes live, Amazon plans to notify all of its Prime customers in the US.
Credit cards to purchase NFTs
According to the sources, Amazon customers would be able to use their credit cards to purchase NFTs tied to real-world assets, such as a pair of jeans, as they would with any other purchase on the platform. This would make it more accessible for everyday consumers to participate in the NFT market.
In order to promote its digital collectibles project, Amazon is reportedly considering a number of strategies, including the idea of sending an email blast to each American Amazon Prime customer. Two further sources affirmed that Amazon intends to provide Prime members some kind of notice regarding the product’s introduction, either ahead of time or right when it happens.
Blockchain technology
It is currently unclear what blockchain technology Amazon plans to use for its NFT platform. The company has reportedly considered several integration options since it started working on the project, according to sources.According to sources, Amazon representatives working on the NFT project have reached out to various layer-1 blockchains, blockchain gaming companies, and other types of emerging and established digital asset projects. The company is said to have hired or is planning to hire, partner with, or acquire dozens of developers with expertise in Web3 technology.
Many sources claim, Amazon intends to create a private blockchain, but it’s unclear whether it will be built from scratch or through a fork of an existing protocol. It’s also not certain whether an Amazon token would be included, with sources describing the setup as a “walled garden.” Amazon representatives have contacted layer-1 blockchains, blockchain gaming firms, and other digital asset projects, and the company is seeking to hire or collaborate with dozens of Web3 developers.